How Much Can You Make Mining Bitcoin in 2022
By Adan Kohnhorst
Bitcoin adoption is more widespread than ever before, and that means more people are becoming curious about Bitcoin mining. But in a volatile market, some wonder if they’re too late. Before you purchase your own bitcoin mining rig, really, how much can you make mining Bitcoin in 2022?
Generally speaking, if you’re mining Bitcoin at home, you can make anywhere from $30 to $450 per mining machine each month. (Wondering why it’s such a large range? We’ll explain further down.) The amount of money you make mining Bitcoin depends on factors like your hashrate (i.e. computing power), the amount of energy you’re consuming, and your cost of electricity. If you’re unfamiliar with what any of that means, we recommend starting with our Beginner’s Guide to Investing in Bitcoin Mining before coming back here to deepen your knowledge.
If you’re looking to get started mining, you’ll need an ASIC miner. Back in the day, you could mine Bitcoin with your laptop. But now that the price of Bitcoin has increased and attracted many more people to mining, the mining difficulty has increased such that you’ll need the computing power of dedicated hardware – Application-Specific Integrated Circuit (ASIC) miners, which you can buy online from stores like ours.
The truth is, your success with Bitcoin mining hinges on many different factors. But if you do your research, you stand a good chance of drawing some solid revenue.
How Much Can You Make Mining Bitcoin in 2022
Is ASIC mining still profitable in 2022?
Yes, bitcoin mining with ASICs can still be a source of significant profit in 2022. The amount you make will depend on your hardware and the cost of electricity where you live, but ASIC miners are still your best option to reach Bitcoin mining success.
If you mine one Bitcoin today – valued at a price of [46,688] – but it costs you $50,000 in electrical bills to do it, that would not be ideal. Although there are some exceptions around the US and Canada, typical residential electricity rates are simply too expensive to mine profitably. However, this is why we offer services like Managed Mining which allow you to take advantage of our cheap electricity and operational expertise by hosting your bitcoin miners with us.
Ultimately, whether you prefer being a DIY home miner or using our white glove hosting service, you’ll need to understand which ASIC miner is right for you to achieve the best ratio of hashrate to electrical cost,
Best ASIC Miners 2022
Like the greater Bitcoin ecosystem, the mining scene is constantly changing.
Well-known companies and new players alike are all seeking to innovate, and what worked last year may not hold up a few months from now.
In the world of Bitcoin mining, a few names stand above the rest – here are the best ASIC miners of 2022.
- Antminer S9
- Antminer S19
- Whatsminer M30S
Antminer S9 - The Learner’s Machine
Bitmain’s Antminer series is one of the leading names in mining hardware, and for good reason. The Antminer line has been the best in the industry for most of the modern mining era, and the Antminer S9 is perhaps the most popular (and durable) bitcoin mining rig ever made.
The Antminer S9 is one of Bitmain’s older models, first launched in 2016 and now on the poor side in terms of efficiency and hashrate compared to more recent releases. However, this is why the S9’s are great for beginner miners and those looking to get started in the field. They are cheap (under $400 each) and there are tons of resources out there for customizing, repairing, and operating them. Unfortunately, with the minimal risk of buying an S9 comes limited upside.
Source: Antminer S9 Profitability
Even with $0.06/kWh—a very cheap electricity rate—the S9 daily profit is still just $1/day as shown above*. And if your electricity price is $0.10/kWh or higher, you’ll be in the red due to the S9’s poor efficiency.
So, if you want to mine at home and learn the ropes without breaking the bank, the S9 from Bitmain is probably the way to go. But if you want to really make money mining bitcoin in 2022, you should look to more efficient hardware.
Antminer S19 - The New Generation of Bitcoin Mining
After a few less than stellar years following the huge success of the S9, Bitmain has rebuilt their reputation with their latest generation of miners in the Antminer S19 family. These machines are about 3x more efficient than the S9’s, meaning that your profit margins are a whole lot more appealing. On top of the efficiency gains, the typical S19 mining machine also has a hashrate 6-8x greater than the S9’s, meaning that you’ll mine 6-8x more BTC per miner.
We have a detailed breakdown of all the different hardware models that are part of the Antminer S19 family, but to give you a taste of the possibilities, let’s look at the same metrics as we did for the S9 above.
Source: Antminer S19 Pro Profitability
With low electricity rates like what we offer with the Managed Mining program, you can earn nearly $17/day in profit with a single Antminer S19*. That’s over $500/month and $6100/year, dwarfing the mining profitability of the older S9.
If you want to make mining really profitable in 2022, an ASIC from Bitmain’s S19 generation is one of your best options.
Whatsminer M30S - True Competition for the Antminer S19
There was a time just a few years ago that Bitmain completely dominated the ASIC hardware market. Then, around 2019, a company called MicroBT made a huge push to gain market share with the release of their M20S series of miners, rivaling and even out-performing the Antminer S9.
Nowadays, if your goal is making the most money with bitcoin mining in 2022, the newer-generation M30S series is certainly the way to go. For example, let’s look at the Whatsminer M30S+, a machine which is closest to the Antminer S19 in terms of the ASIC performance.
Source: Whatsminer M30S+ Profitability
With a hashrate of 100 TH/s at a power consumption of 3400W, the Whatsminer M30S+ can mine about $430/month in profit at our low electricity price*. The MicroBT miners are also well-known for their durability and solid performance even in higher temperatures, making them a solid choice for DIY home miners looking to graduate from S9’s into the big leagues.
Calculating Long-Term Profitability to Choose Your ASIC
In the end, there are many variables to consider in deciding whether or not to mine bitcoin and how to do it profitability.
Covering them all in writing would require a novel, but we’d rather guide you through the process step-by-step on a phone call with one of our bitcoin mining experts. And if you want to keep learning in the meantime after you schedule your call, you can dive deeper into the inner workings of the bitcoin hardware market with our Guide to Purchasing Bitcoin Mining Hardware.
*Note: profitability calculations based on BTC Price = $41,000 and network difficulty = 28.22 trillion at the time of writing.